The Pittsburgh-based Pennsylvania Association of Credit Management, a not for profit, member-owned credit services organization, can trace its roots back to 1896.

The catalyst for the formation of the association of credit professionals was the financial panic of 1893 and its aftermath in the several years following. During this period banks were dangerously overextended, business failures reached unprecedented highs, and unemployment was rampant. To compound matters even further, there was no federal bankruptcy law, with each state treating bankruptcy as it pleased.

The abuse of the extension of credit played a large part in the severe business downturn of 1893. Credit decisions were made in isolation and guided largely by speculation. Many credit losses were the direct result of loose credit methods and a lack of cooperation among the credit professionals of the time.

A meeting of credit professionals from the Western Pennsylvania area took place in Pittsburgh on October 24, 1896. Realizing the need and value of this type of service to protect their profession from excessive bad debt losses, they decided to form a credit association. They named the organization the Pittsburgh Association of Credit Men. Over the years,the name was changed several times and in the year 2000 became the Pennsylvania Association of Credit Management(P.A.C.M.).

P.A.C.M. continues to carry on the basic traditions and activities developed in 1896. Our member companies control all aspects of the operation through the officers, Board of Directors, and numerous committees. Credit related services are needed and used by all credit granting companies and therefore our membership is comprised of a broad spectrum of members from the banking,business, manufacturing and industrial community. We have members from many "Fortune 500 Companies" as well as numerous medium and small companies which in fact represents the greater majority of our membership.

P.A.C.M.takes pride in the fact that we have always been responsive to the needs of our members by providing a full spectrum of credit services. While the credit related services offered are many, the four most significant are:

• BUSINESS CREDIT REPORTS
• COMMERCIAL COLLECTIONS
• INDUSTRY CREDIT GROUPS & CREDIT CLUBS
• P.A.C.M. SCHOOL OF CREDIT & FINANCIAL MANAGEMENT